I think the Whole life or permanent policies are very expensive and the Agents make the maximum commission from these policies. Usually, these commissions are very close to 45% of the 1st years annualized premium.

Hence, be careful when buying these polices, sometimes, in fact most often, these policies are cancelled within the first 10 years and the policy holder usually losses all his cash value, due to surrender charges.

The Term policy can be cancelled without surrender charges.

If you buy this policy you should keep it for at least 10-12 years miminum!